HALISTER1: Serbia Says Hebei Iron & Steel Is Buyer for Zelezara Smederevo

Serbia Says Hebei Iron & Steel Is Buyer for Zelezara Smederevo

(Bloomberg) -- Hebei’s offer for Serbia’s sole steel producer “met all stipulated conditions,” Economy Ministry say in e-mail.
  • EU46m binding bid for all Zelezara assets meets asking price; “Economy Ministry made the decision to declare that the sole bidder is the buyer”
  • Contract to be signed after regulatory approval from Serbia’s money-laundering authority
  • Zelezara investment plan of >EU300m to be implemented “in stages,” to upgrade equipment, infrastructure; output to increase to 2.1m mt/yr; Hebei plans to keep all 5,050 employees
  • NOTE: Serbia to Sell Steel Plant to China’s Hebei If Bid High Enough
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
000709 CH (Hebei Iron & Steel Co Ltd)
830031Z SG (Republic of Serbia)
1089650D SG (Zelezara Smederevo doo)

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